Basmati exporters to Iran insist on LC due to non-payment of Rs 700cr dues

The Iranian rial has tumbled significantly against the US dollar in recent months, making imports far more expensive and sapping the purchasing power of ordinary Iranians. From about 300,000 rials against the US dollar in September, the Iranian currency slumped to about 600,000 rials against the dollar by February end. It has made some recovery this month, but the country continues to reel under high inflation.

from News-Economic Times https://ift.tt/xGZW6pm